When you want to market a product to the widest audience possible you give it a name that even Rumplestilskin would have a hard time deciphering. Am I right? Well, the creative team behind Mjollnircoin has done just that. They also have also instituted a no ASIC policy, choosing instead to use the Heavy-1 algorithm , so they can limit their mining potential.
You’ve probably heard the argument for a heavier hashing algo before. Making it hard for ‘farms‘ to get more than their fair share of coins, an ASIC-resistant coin will keep things fair by allowing the ‘little guy‘ to mine it.
Let’s Review The Coin Specs:
- Algorithm: HEFTY1 (ASIC-resistant)
- Ultra secure: SHA-256, Keccak-512, Grøestl-512 & BLAKE-512
- Total supply: 42 million mjollnircoins (42,000,004)
- Block time: 2 minutes
- Block re-target up: Every 10 blocks (Max 100%)
- Block re-target down: Every block (Max 500%)
- First week reward: 125 MNR dropping to 50 MNR in 5.5 days
- Weeks 2 -21: 50 MNR
- Block reduction after week 21: Slow steady decrease of 0.85% every 11 days
- Multipool defence: Temporal re-targeting
- Starting block reward: Increased for the first 4000 blocks
- Multipool protection: Temporal Retargeting
- Premine:
0.75%0.5% for public fundraiser, bounties and giveaway - Mining: CPU and GPU
- Features: Coin Control,QR Code support and UPNP
There’s a small pre-mine. That’s generally a good sign.
However, the coin also has an IPO, which gives ‘The Dev‘ the chance to run with BTC before the coin ever launches. In cases of IPOs there should be a compelling reason to send money to the Dev. Is he a trusted member of the community? Can we entrust him with our hard-earned funds?
The Dev uses an account created simply for this ANN thread and has no other posting history or reputation in the forum.
In any event, 3 people did trust this admin by sending him 2.3 BTC for his coin.
So What About The Coin?
The coin is a fork of Vertcoin with a few variations thrown in.
Given that the Dev is anti-miner and pro-IPO the chances of wide adoption from the early responders at BitCoinTalk seems unlikely. So far the thread activity has been minimal. There are currently no pools ready to mine Mjollnircoin.
There is literally now way that anyone will take a coin named ‘Mjollnircoin’ seriously. The marketing plan for this coin likely does not exist. How Mjollnircoin will compete with Bitcoin is beyond me. We’ll be keeping an eye out on this launch, but our expectations are low.
